CoinShares is a global digital asset manager specializing in regulated investment products, active strategies, trading infrastructure, and crypto-focused capital markets services. Founded in 2013 and headquartered in Saint Helier, Jersey, CoinShares has developed products that give institutional and retail investors exposure to Bitcoin, Ethereum, other digital assets, and companies operating across the crypto infrastructure sector. The company expanded materially into the United States through its acquisition of Valkyrie Funds and became publicly traded on Nasdaq in April 2026.
Company Background and Leadership
CoinShares was co-founded by Jean-Marie Mognetti and Daniel Masters as an investment business focused on cryptocurrency markets. The firm launched a regulated Bitcoin fund in 2014 and subsequently expanded into exchange-traded crypto investment products. In 2016, it acquired XBT Provider, an issuer of Bitcoin and Ethereum-linked exchange-traded notes in Europe.
Mognetti serves as co-founder, president, and chief executive officer, while Masters remains a co-founder and non-executive director. Paul Grinberg became chairman in April 2026 following CoinShares' U.S. listing. The company maintains operations in Jersey, the United Kingdom, France, Sweden, Switzerland, and the United States.
U.S. Expansion and Valkyrie Acquisition
CoinShares entered the U.S. ETF market through its March 2024 acquisition of Valkyrie Funds LLC and the sponsor rights to Valkyrie's spot Bitcoin fund. The transaction added approximately $530 million in assets under management at completion and provided CoinShares with an established U.S. investment-management platform.
The Valkyrie products were initially renamed CoinShares Valkyrie before being integrated under the CoinShares brand. CoinShares Asset Management (US) LLC, formerly Valkyrie Funds LLC, is an SEC-registered investment adviser responsible for several of the company's U.S. ETFs.
CoinShares U.S. Crypto ETFs
As of September 2026, CoinShares' current U.S. ETF lineup includes four products with different approaches to digital asset exposure:
- CoinShares Bitcoin ETF (BRRR): A spot Bitcoin product that holds Bitcoin directly and seeks to track the CME CF Bitcoin Reference Rate, less expenses. CoinShares Co. serves as sponsor, while Bitcoin custody is provided through third-party institutional custodians including Coinbase Custody, BitGo Trust, and Komainu.
- CoinShares Bitcoin and Ether ETF (BTF): An actively managed fund primarily using Bitcoin and Ether futures rather than holding the cryptocurrencies directly.
- CoinShares Bitcoin Mining and Digital Power ETF (WGMI): An actively managed equity ETF investing in companies involved in Bitcoin mining, data centers, power infrastructure, artificial intelligence computing, and related technologies. It does not invest directly in Bitcoin.
- CoinShares Altcoins ETF (DIME): An ETF that obtains diversified altcoin exposure through publicly listed exchange-traded products in the United States, Canada, the United Kingdom, and Europe. It excludes Bitcoin, Ethereum, and stablecoins.
CoinShares previously offered the leveraged CoinShares Bitcoin Leverage ETF under ticker BTFX. Its board approved liquidation of the fund in November 2025, and it is no longer part of the current product lineup.
Asset Management, Capital Markets, and Alternatives
Beyond U.S. ETFs, CoinShares operates European physically backed ETPs, legacy XBT Provider products, quantitative investment strategies, indices, and institutional capital markets services. Its Capital Markets division supports trading, liquidity provision, staking, lending, treasury management, and market-making activities used across the group.
CoinShares further expanded its active management capabilities by completing the acquisition of FCA-regulated Bastion Asset Management in September 2026. The acquired business now operates as CoinShares Alternatives and focuses on systematic and alternative investment strategies. CoinShares reported approximately $6.93 billion in group assets under management as of August 31, 2026.
Nasdaq Listing and Regulatory Framework
On April 1, 2026, CoinShares completed a business combination with Vine Hill Capital Investment Corp. and began trading on Nasdaq under the ticker CSHR. CoinShares PLC became the publicly listed parent company, with the former CoinShares International Limited becoming its wholly owned subsidiary.
Relevant CoinShares entities are regulated or authorized by authorities including the Jersey Financial Services Commission, France's Autorité des marchés financiers, the U.S. Securities and Exchange Commission, FINRA, and the National Futures Association. The applicable regulatory structure differs by product and subsidiary. For example, BRRR is structured separately from the Investment Company Act-registered ETFs managed by CoinShares Asset Management (US).
Risks and Considerations
CoinShares' revenues and assets under management remain sensitive to cryptocurrency prices, investor flows, and trading activity. Its investment products also carry market, liquidity, custody, counterparty, derivatives, and regulatory risks. Products that obtain crypto exposure through futures, equities, or third-party ETPs can perform differently from the underlying digital assets. Spot products such as BRRR depend on external custodians and service providers, while active and alternative strategies introduce additional investment-management and execution risks.
